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but they want it separated from debt ceiling. >> let's talk about this debt ceiling thing, howard. do you think the press objectively can report the way the president tried to sell it, which is if this government can't pay its debts, refuses to pay it because of the debt ceiling, is that the republican decision or is it going to be played, conflict in washington, gridlock, both parties to blame? >> well, the president said in the press conference i think people will blame all of washington, but he didn't mean it. and he doesn't believe it. he thinks, and i think rightly thinks, that the political onus will be on the republicans. the president said we aren't a deadbeat nation, which is one of many great quotes in that press conference. >> i like that word, deadbeat. >> we aren't a deadbeat nation, and he said the republicans will turn us into a deadbeat nation if they do what they're threatening -- >> if somebody else objects to the question, if there's a different answer, i'll accept it. did the democrats ever play the game of not paying the bills of the united states government as
but they want it separated from debt ceiling. >> let's talk about this debt ceiling thing, howard. do you think the press objectively can report the way the president tried to sell it, which is if this government can't pay its debts, refuses to pay it because of the debt ceiling, is that the republican decision or is it going to be played, conflict in washington, gridlock, both parties to blame? >> well, the president said in the press conference i think people will blame all of...
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they could default on the debt, unless the debt ceiling is raised. republicans want the president to cut spending before they i gree on a deal. but the president at no time seem eager for compromise. listen. >> we have to stop lurking from crisis to crisis to crisis. when there is a clear pass that requires discipline, responsibility and compromise. >> dana: yet, he showed little willingness to do so. >> i'm willing to compromise and find common ground over how to reduce the deficit, america cannot afford another debate with this congress about whether or not they should pay the bills they have racked up. what i will not do is to have that negotiation with gun at the head of the people. >> dana: interesting choice of words to describe that. eric, you talked about not wanting the country to lurch from crisis to crisis. most americans would agree and want washington to fix fundamental problems. why do we have to have the debate every three months? >> eric: sure. start with the debt ceiling and how it came about. prior to world war i, everybody was paid
they could default on the debt, unless the debt ceiling is raised. republicans want the president to cut spending before they i gree on a deal. but the president at no time seem eager for compromise. listen. >> we have to stop lurking from crisis to crisis to crisis. when there is a clear pass that requires discipline, responsibility and compromise. >> dana: yet, he showed little willingness to do so. >> i'm willing to compromise and find common ground over how to reduce the...
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but when it comes to the debt ceiling, the debt ceiling, by definition, isn't about authorization new spending. it is about paying the bills that we have already racked up. so are you just trying to say that you want to have this conversation together, at the same time? >> this is about, this is -- raising the debt ceiling is like raising your credit card limit. and historically, this has been a debate. you look over the last four presidents in this country, and there's been a debate, every time, it has come to raising the debt ceiling. because there's a recognition, for years now, that the federal government has been spending way more than it should, way beyond its means, much more than it's actually bringing in. and now, it is -- we cannot continue to kick this can down the road. we've come to the end of the road. it is time for us to stop spending money we don't have. >> former republican speaker newt gingrich is not exactly conflict averse, i think you'd agree, and he has warned the house republicans not to take up this debt ceiling fight. listen. >> asking barack obama not to be
but when it comes to the debt ceiling, the debt ceiling, by definition, isn't about authorization new spending. it is about paying the bills that we have already racked up. so are you just trying to say that you want to have this conversation together, at the same time? >> this is about, this is -- raising the debt ceiling is like raising your credit card limit. and historically, this has been a debate. you look over the last four presidents in this country, and there's been a debate,...
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debt ceiling all together. liz: plus we have the bond king of canada who knows plenty about our markets. five years ago he said that investors had the opportunity of a lifetime to buy stocks, just as we hit bottom, and we saw that bubble explode. well, he was right. now, what is he saying? 2013 holds the second buy of a lifetime? what is it? and how can you take advantage of it? he is here to talk about it. david: liz has that interview all to herself because i can't begin to pronounce his name. let's tell you what drove the markets. mixed day on wall street with s&p and dow closing in the green. all three major indices ending the week higher. industrials and energy were today's top performing sectors while technology was the only sector ending the day lower. and oil ending the week in the green after the international energy agency raised its global oil demand forecast for the whole year. crude's settling the week up 2.1% at $95.56 a barrel and consumer confidence falling for the second month in a row, droppin
debt ceiling all together. liz: plus we have the bond king of canada who knows plenty about our markets. five years ago he said that investors had the opportunity of a lifetime to buy stocks, just as we hit bottom, and we saw that bubble explode. well, he was right. now, what is he saying? 2013 holds the second buy of a lifetime? what is it? and how can you take advantage of it? he is here to talk about it. david: liz has that interview all to herself because i can't begin to pronounce his...
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the debt ceiling is announcing the amount of money the states can borrow. today the president responded to some republicans who say they are willing to shut down the government if the president doesn't back down. ultimately congress makes decisions about whether or not we spend money and keep the government open. if they decide they want to shut down the government in order to get their way they have the votes in the house of representatives to do that. i think that would be a mistake. >> john boehner responded the american people do not support raising the debt ceiling without reducing government spending statement. wendell, a government shut down, is that something that really might happen? neither side is ready to blink yet. he has laid out they are ready to compromise if possible that could lead to a government shut down although probably not right away. president obama suggested right before the u.s. the people at home might be told they have to wait for their money. >> if congressional republicans refuse to pay america's bills on time social security
the debt ceiling is announcing the amount of money the states can borrow. today the president responded to some republicans who say they are willing to shut down the government if the president doesn't back down. ultimately congress makes decisions about whether or not we spend money and keep the government open. if they decide they want to shut down the government in order to get their way they have the votes in the house of representatives to do that. i think that would be a mistake. >>...
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., much hinges on how washington handles this debt ceiling next. but not all, fitch said that problem is we never seem to get around to deals with the problem behind that mess. quoting fitch a riley, fundamental credit strengths are eroded by large studily declining structure budget deficit, and high and rising public debt. what fitch is not saying, but almost screaming is, the washington sons of fitches are doing not about it, they screamed it. after the cliff, get ready for the crash. i'm not surprised we could still be cut. i'm surprised that fitch has not already done so, john campbell said that triple a rated countries do not we behave this way. i'm surprised it has not already happened. what do you think? >> i know, i just, you know there isal this talk if we get into a big fight over trying to reduce entitlements and making a long-term solution to this, that fitch or some rating agencies may cut our credit rating at this point. if that is what they are doing, they have it backwards. what they should do is they should look at reducing our cre
., much hinges on how washington handles this debt ceiling next. but not all, fitch said that problem is we never seem to get around to deals with the problem behind that mess. quoting fitch a riley, fundamental credit strengths are eroded by large studily declining structure budget deficit, and high and rising public debt. what fitch is not saying, but almost screaming is, the washington sons of fitches are doing not about it, they screamed it. after the cliff, get ready for the crash. i'm not...
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coming up, will the debt ceiling debate delay your tax refund? next in the president obama has begun his second term by declaring the possibilities are limitless. our political panel takes a look at the next four years. ♪ >>> from our fox business studios in new york, here, again, is gerri willis. gerri: well, not wasting a second of the second term, president obama making it clear who is in charge the next four years laying out a bold agenda in the inaugural address. that's how i read it. with more, maryann marsh, a democratic strategist, and rich lawry, editor of "the national review. " what do you think of the speech? >> audacious. one, it was an unabashedly progressive speech, shorn of the pose that's characterized as rhetoric. it also, i think, was audacious in its appropriation of the tradition of the american foundings. it was a direct challenge to republicans and the tea party saying you are obsessed with the founders. you are wrong. i am the one firmly within the tradition, and you are outside the mainstream, and you better get on boar
coming up, will the debt ceiling debate delay your tax refund? next in the president obama has begun his second term by declaring the possibilities are limitless. our political panel takes a look at the next four years. ♪ >>> from our fox business studios in new york, here, again, is gerri willis. gerri: well, not wasting a second of the second term, president obama making it clear who is in charge the next four years laying out a bold agenda in the inaugural address. that's how i...
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ceiling or the debt limit. where do we go from here? joining me now live mark murray. mark, obviously, the first thing at least some conservatives brought up with the president is that he has taken a different stance in the past when it came to the debt ceiling. >> well, in 2006, then senator barack obama ended up voting against a raise in the debt ceiling. republicans have seized on that saying that the position that president obama's taking today and also in 2011 is inconsistent with that 2006 vote. there is one very big difference between now and 2006. 2006 there wasn't this kind of big protracted battle over the debt ceiling at all. it wasn't a big issue. i was covering politics for nbc at the time. the debt ceiling increase was seen as a procedure and a very partisan vote then but not something you were reporting on for weeks and months like we have in 2011 then and now on the debt ceiling debate and, of course, what happened in 2011 was a loss to the nation's credit rating. there's big differences between
ceiling or the debt limit. where do we go from here? joining me now live mark murray. mark, obviously, the first thing at least some conservatives brought up with the president is that he has taken a different stance in the past when it came to the debt ceiling. >> well, in 2006, then senator barack obama ended up voting against a raise in the debt ceiling. republicans have seized on that saying that the position that president obama's taking today and also in 2011 is inconsistent with...
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the debt ceiling and you did. last year you said you wouldn't extend any of the bush tax cuts for the wealthy and you did. so as you say now that you're not going to negotiate on the debt ceiling, this year, why should house republicans take that seriously and think that if we get to the one minute to midnight scenario that you're not going to back down? >> well, first of all, juliana, take the example of this year and the fiscal cliff. i didn't say that i would not not have any conversations about extending the bush tax cuts, what i said we wouldn't extend bush tax cuts for wealthy and we didn't. we can argue during the campaign that i said, i set the criteria for wealthy at 250, and we ended up being at 400. but the fact of the matter is that millionaires, billionaires, are paying significantly more in taxes, just as i said. so from, you know, from the start my concern was making sure that we had a tax code that was fair and that protected the middle class and my biggest priority was making sure middle class tax
the debt ceiling and you did. last year you said you wouldn't extend any of the bush tax cuts for the wealthy and you did. so as you say now that you're not going to negotiate on the debt ceiling, this year, why should house republicans take that seriously and think that if we get to the one minute to midnight scenario that you're not going to back down? >> well, first of all, juliana, take the example of this year and the fiscal cliff. i didn't say that i would not not have any...
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raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they have already racked up. but to even entertain the idea of this happening, of the united states of america not paying its bills is irresponsible. it is absurd. the full faith and credit of the united states of america is not a bargaining chip. and they had better choose quickly because time is running short. >> house republicans continued to threaten to use the debt ceiling as a bargaining chip. house republican conference chairwoman kathy rogers told "political" i think it is possible we would shut down the government to make sure that president obama understands that we're serious. well, i guess that would do it. we always talk
raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they have already racked up. but to even entertain the idea of this happening, of...
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this time of course it' over the debt ceiling. and it's going to be big, because it really reflects two different visions of what the debt ceiling is all about. for the president, you heard today, it's about paying your bill. going to a restaurant. picking up the tab for food you've already eaten. fine. >> very common sense, yes. >> very common sense. for republicans, it's about solving a problem. making a government that is too big, smaller and getting control of runaway spending on entitlements like social security and medicare and fixing a long-term problem. it's not just about paying the bills. it's about the future. >> right, but there are also a lot of political calculations in here. i assume they're very close to the political calculations we saw in the last crisis. >> yes, they are, although, you know, in the last crisis it was very clear that the president had the let me rverage. he had just won the election. he had won an election over the tax issue and the republicans lost over the tax issue. they're pushing that so far
this time of course it' over the debt ceiling. and it's going to be big, because it really reflects two different visions of what the debt ceiling is all about. for the president, you heard today, it's about paying your bill. going to a restaurant. picking up the tab for food you've already eaten. fine. >> very common sense, yes. >> very common sense. for republicans, it's about solving a problem. making a government that is too big, smaller and getting control of runaway spending...
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ceiling. >> so i want to be clear about this, the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending, it simply allows the country to pay for spending that congress has already committed to. >> mike: well, according to the congressional record, in 2006, then senator barack obama had this statement just before a debt ceiling vote and i quote, the fact that we are here today to debate raising america's debt limit is a sign of leadership failure, it's a sign that the u.s. government can't pay its own bills, it's a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies. leadership means that the buck stops here. instead, washington is shifting the burden of bad choices today on the backs of our children and grandchildren, therefore intend to oppose the effort to increase america's debt limit. in 2008, candidate obama blamed president bush and called the growing debt unpatriotic. >> number 43 added 4 trillion dollars by his lonesome so that we no
ceiling. >> so i want to be clear about this, the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending, it simply allows the country to pay for spending that congress has already committed to. >> mike: well, according to the congressional record, in 2006, then senator barack obama had this statement just before a debt ceiling vote and i quote, the fact that we are here today to debate raising america's debt limit is a...
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seriously, republicans were not elected to raise the debt ceiling and bring us into more debt and steal from our kids. where is the moral imperative that somebody, some party in in country is going to stand up and say enough is enough and we've got to live within our means and stop borrowing 46 cents of every dollar? where is that party? >> i think that they are there. they don't have a lot of-- a spokesperson yet. it's going to take some time. so, the thing is, this is the amazing thing. >> sean: capitulate in the meantime? >> i'm not saying that, but i think there is a responsibility for washington to say, okay, look, what are the things we can do within these parameters to make sure we don't wreck the economy. the fitch point, what obama is realizing, what fitch is saying could actually happen and smart preemptively to blame the republicans. >> sean: isn't it to be party, and balanced budget and greater freedom and to hell with the political consequences, take a stand? >> the republicans caved on the tax, yes, they did. they lost, they caved. >> sean: caved. >> and i don't like the w
seriously, republicans were not elected to raise the debt ceiling and bring us into more debt and steal from our kids. where is the moral imperative that somebody, some party in in country is going to stand up and say enough is enough and we've got to live within our means and stop borrowing 46 cents of every dollar? where is that party? >> i think that they are there. they don't have a lot of-- a spokesperson yet. it's going to take some time. so, the thing is, this is the amazing thing....
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we will meet our obligations on our debt regardless of the debt ceiling. we will not default. that is an absolute, we will not default. the idea that we will if we don't raise the debt creel something an absolute flat out myth. >> gretchen: what else did he say you didn't agree with? >> the use of the expression, dead beat nation, that really is talking down america. the president is encouraging congress, encouraging america to pay its bills using a credit card to pay its bills, using borrowed money to pay its bills. that credit card will never be paid off and the balance on it will never be paid down. that is dead beat behavior and that should be pointed out. by using that expression, the president is talk down america. we stand not as tall in the eyes of the world when the president uses that kind of language. >> gretchen: could it also be he was talking down to republicans because he thinks right now that he has the majority of the american people on his side? to me, his words, whether or not they're true, resonate with some americans because he simplifies his message and d
we will meet our obligations on our debt regardless of the debt ceiling. we will not default. that is an absolute, we will not default. the idea that we will if we don't raise the debt creel something an absolute flat out myth. >> gretchen: what else did he say you didn't agree with? >> the use of the expression, dead beat nation, that really is talking down america. the president is encouraging congress, encouraging america to pay its bills using a credit card to pay its bills,...
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stay away from letting the debt ceiling not be raised because those are things that the american people will hate. they'll hate us defaulting onli blame you for it. they'll hate us shutting the government down. if you want to make a stand, make it in the sequester. the sequester has a lot of things that are painful to the democrats and the president. that's the place to plak the stand. and, look, everyone agrees, every rational person agrees with michael. you've got a spending person as well as a revenue problem. we've got to cut spending. if you're republicans, make it under sequester. if you shut the government down or if you don't allow the debt ceiling to be raised and america defaults on its debts, whoa is you. there are a lot of suburban republican congressman who are absolute absolutely signing their death warrant. >> well, why not make the point on the sequester. why go to this extreme of a government shutdown. >> well, i'd actually agree with the governor. i think that that is a better spot to hold some ground. quite honestly, because those cuts are already in play. everybody k
stay away from letting the debt ceiling not be raised because those are things that the american people will hate. they'll hate us defaulting onli blame you for it. they'll hate us shutting the government down. if you want to make a stand, make it in the sequester. the sequester has a lot of things that are painful to the democrats and the president. that's the place to plak the stand. and, look, everyone agrees, every rational person agrees with michael. you've got a spending person as well as...
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credit rating and the debate over the debt ceiling. why some think this could mean new hope for a minting a trillion dollar coin we could use to pay our bills. we thought that was settled. maybe not. and this high school principal is in hot water after trying to connect with students with a video that he says was meant to be a parody. we'll push play and you decide. and a reporter yesterday challenged the president about whether he's doing enough to reach out to republicans and trying to negotiate the big deal he says he's looking for. we'll show you his response and look at what that could mean for the gun debate, the debt ceiling and the rest. >> most people who know me know i'm a pretty friendly guy. and i like a good party. when you have diabetes... your doctor will say get smart about your weight. that's why there's glucerna hunger smart shakes. they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. [ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. turn you
credit rating and the debate over the debt ceiling. why some think this could mean new hope for a minting a trillion dollar coin we could use to pay our bills. we thought that was settled. maybe not. and this high school principal is in hot water after trying to connect with students with a video that he says was meant to be a parody. we'll push play and you decide. and a reporter yesterday challenged the president about whether he's doing enough to reach out to republicans and trying to...
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and then with the debt ceiling, same thing. i do think there's some evidence that republicans are saying, you know, in part for public image reasons but maybe in part because of good economic reasons, we can't keep whacking away at the economy like this to please our base we ha. >> it's not about the two parties necessarily shifting their philosophical positions or moving together but more of a practical decision by the house leadership to recognize the limits on what they can accomplish with the majority in the house and the limits in terms of the public support for their position. you know, one of the things, chuck, the president used the campaign to do was to try to lay out in front of the public the competing visions for approaches to economic growth and deficit reduction. he feels like he's been vindicated, and i think republicans in the votes that jared was just talking about str recognized he has a point. >> yeah, but, john, it all boils down to there's a very different vision when you're talking about a government that
and then with the debt ceiling, same thing. i do think there's some evidence that republicans are saying, you know, in part for public image reasons but maybe in part because of good economic reasons, we can't keep whacking away at the economy like this to please our base we ha. >> it's not about the two parties necessarily shifting their philosophical positions or moving together but more of a practical decision by the house leadership to recognize the limits on what they can accomplish...
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that is far from a don't raise the debt ceiling ultimatum. boehner has now shown that he's willing to break glass and allow legislation to pass without a majority of the majority. perhaps we've seen the near future in how the republicans end up agreeing to a debt ceiling raise without a battle. government funding and government shutdown, different story. >>> let's turn back to the big story of the day. and that is the president's push on guns and the coming fight with both congress and the nra. in addition to calling on congress to pass gun control legislation, the president will propose a set of executive actions. nbc's justice correspondent pete williams is here to help explain some of those executive actions. a big one that we know he's going to call for is this idea, pete, of basically ordering the justice department to prosecute people that fail background checks. explain why that hasn't been done before, and how it can be done. >> sure, first of all. the federal law makes it a crime for somebody to falsify, knowingly falsify information
that is far from a don't raise the debt ceiling ultimatum. boehner has now shown that he's willing to break glass and allow legislation to pass without a majority of the majority. perhaps we've seen the near future in how the republicans end up agreeing to a debt ceiling raise without a battle. government funding and government shutdown, different story. >>> let's turn back to the big story of the day. and that is the president's push on guns and the coming fight with both congress and...
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you put the debt ceiling off for a few months. now you start discussing those automatic spending cuts known as a still questionnaire. they want to get this on what they call their home turf and basically talk about spending. they want to move the spending cuts conversation up and continued that through the debt ceiling. there are these number of deadlines coming up. by doing this, they move up the spending that conversation. they hope to get the ball rolling there and hope to continue that through the next round of debt ceiling talks. remember, neil, there are two issues that the rating agencies are looking for, they want an orderly increase of the debt ceiling. they say no strings attached. you go further down into those press releases and they are saying, we want a budget deal, this year, 2013. that is something that republicans are looking for and that is something they hope to secure out of all of this. neil: peter barnes, if you are still with me, too, i want to bring you into this. secretary of state hillary clinton with joh
you put the debt ceiling off for a few months. now you start discussing those automatic spending cuts known as a still questionnaire. they want to get this on what they call their home turf and basically talk about spending. they want to move the spending cuts conversation up and continued that through the debt ceiling. there are these number of deadlines coming up. by doing this, they move up the spending that conversation. they hope to get the ball rolling there and hope to continue that...
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meanwhile the problem break through on the debt ceiling. the house gop said they are considering raising the debt limit for three months, a vote is scheduled next week, more details on that in a bit. >>> today, of course is the last full day of president obama's first term and it's the national day of service. day for giving back. earlier today the president and first lady volunteered at a school in the washington, d.c. area, nbc's ron is standing by the national day of service day tent at the mall and you have a special guest there with you as well, good day to you, sir? >> reporter: hey there, craig. my special guest is being mobbed by the crowd behind me. it's the senior adviser to president obama. she will make her way here in a second. as she comes up, we will give her a big welcome. welcome, valerie. pleasure to see you. >> pleasure to be here. can you believe the crowd? it's amazing. >> reporter: the president and first lady created this to really hopefully make it a standing tradition for inaugurations going forward. >> not just ina
meanwhile the problem break through on the debt ceiling. the house gop said they are considering raising the debt limit for three months, a vote is scheduled next week, more details on that in a bit. >>> today, of course is the last full day of president obama's first term and it's the national day of service. day for giving back. earlier today the president and first lady volunteered at a school in the washington, d.c. area, nbc's ron is standing by the national day of service day...
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this time it's called the debt ceiling debate. former senator alan simpson is co-founder of the campaign to fix the debt and the former debt commissioner co-chair. he's been an outspoken advocate of getting our spending under control, and he joins us right now in a cnbc exclusive. senator, good to have you on the program. thanks for joining us. >> it's a pleasure always doing that with you. >> we've read simpson/bowles. know you recommend spending cuts, but do you believe the gop should be using the debt ceiling as a leverage point to get to the president to agree to the cuts? >> i think that would be a grave mistake. i don't think that would solve anything. i know they are going to try it, and how far they will go with the guam of chicken, i have no idea, but i can tell you can't -- you really can't -- this is stuff that we've already indebted ourselves. i mean, if you're a real conservative, really honest conservative without hypocrisy, you would want to pay your debt, and that's what this is. they are not running up anything ne
this time it's called the debt ceiling debate. former senator alan simpson is co-founder of the campaign to fix the debt and the former debt commissioner co-chair. he's been an outspoken advocate of getting our spending under control, and he joins us right now in a cnbc exclusive. senator, good to have you on the program. thanks for joining us. >> it's a pleasure always doing that with you. >> we've read simpson/bowles. know you recommend spending cuts, but do you believe the gop...
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take a look now at what the debt ceiling would be, if you reached the debt ceiling and reduced government spending by that amount, mark sandy, others suggest it should be a 7% hit to gdp. so, simon, a big war of numbers, and big war of words on both sides, as we game out what happens, first with the debt ceiling, then we continue resolution, and also the sequester. simon? >> let's hope they rise above. thank you very much, steve liesman with the fiscal cliff. >>> it's been the trade of many people's lifetimes, but with the courages sill at multiyear lows. and the meeting next week, will the trade last? it's the "money in motion" section. good morning. >> good morning. good to be with you guys. what about this dollar/yen trade? obviously the dollar is substantially higher today, but monday/tuesday/wednesday, we've reversed the trend, the yen was actually higher. where do we go from here? >> i think steve's presentation is one of the reasons i'm cautious on this trade. we're within a whisker of the obvious target. i think that trade level will stall. to me i think the better trade is to tak
take a look now at what the debt ceiling would be, if you reached the debt ceiling and reduced government spending by that amount, mark sandy, others suggest it should be a 7% hit to gdp. so, simon, a big war of numbers, and big war of words on both sides, as we game out what happens, first with the debt ceiling, then we continue resolution, and also the sequester. simon? >> let's hope they rise above. thank you very much, steve liesman with the fiscal cliff. >>> it's been the...
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on the debt ceiling, and you did. last year you said that you wouldn't extend any of the bush tax cuts for the wealthy. and you did. so if you say now you're not going to negotiate on the debt ceiling this year, why should house republicans take that seriously and think that if we get to the one minute to midnight scenario that you're not going to back down? >> first of all, julianna, let's take the example this year in the fiscal cliff. i did not say i wouldn't have any conversations at all about extending the bush tax cuts. what i said was we weren't going to extend bush tax cuts for the wealthy. and we didn't. now, you can argue that during the campaign i said -- i set the criteria for wealthy at 250 and we ended up being at 400, but the fact of the matter is, millionaires, billionaires are paying significantly more in taxes, just as i said. so from the start, my concern was making sure that we had a tax code that was fair and that protected the middle class, and my biggest priority was making sure the middle class
on the debt ceiling, and you did. last year you said that you wouldn't extend any of the bush tax cuts for the wealthy. and you did. so if you say now you're not going to negotiate on the debt ceiling this year, why should house republicans take that seriously and think that if we get to the one minute to midnight scenario that you're not going to back down? >> first of all, julianna, let's take the example this year in the fiscal cliff. i did not say i wouldn't have any conversations at...
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i know that they pushed back the debt ceiling for about three months, i believe. i was wondering if there was any chance for congress and the president to foster more bipartisanship during the second term? >> i think that will be a major theme of his speech tomorrow. i think he will be speaking out, once again, across the aisle to call for the reaching of common ground on these major issues, like the debt ceiling, the budget, gun-control, immigration, tax reform, those kinds of things. i think it is true that we have a divided government now. it has been a difficult four years, but president obama is a natural conciliate her -- conciliation person, and he will make that a big theme of his second term. i think you will hear some of that tomorrow. >> this is from this morning's "washington post." you can draw an analogy to two former president, franklin roosevelt and dwight eisenhower, finding parallels to what fdr delivered in his second address in 1937, and what eisenhower faced in 1957. >> the roosevelt second inaugural address is interesting to read because it r
i know that they pushed back the debt ceiling for about three months, i believe. i was wondering if there was any chance for congress and the president to foster more bipartisanship during the second term? >> i think that will be a major theme of his speech tomorrow. i think he will be speaking out, once again, across the aisle to call for the reaching of common ground on these major issues, like the debt ceiling, the budget, gun-control, immigration, tax reform, those kinds of things. i...
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how are we going to see this ludicrous, childish behavior we saw over the debt ceiling argument, for example, come to an end and people get into a room and getting stuff done. that's the key thing, i think, for his second term. >> jamal alluded to a new strategy at the white house, which is going to be to go around congress and go directly to the american people. the white house believes the reason they got a deal in the 12th hour is because they went to the american people and the american people said by god, get something done. >> are they right? >> look, it did work. boehner has also indicated he's not going to deal with the president one-on-one. they're going to go through the regular order. the senate is going to have to do something, the house is going to have to do something. they're going to meet in congress and send it to the presidency. i think the president's legacy to go big, to get a grand bargain, to have long-term economic growth but also to have a legacy of fiscal sustainability could be his major legacy piece. and i think even though he wants to do guns, even though
how are we going to see this ludicrous, childish behavior we saw over the debt ceiling argument, for example, come to an end and people get into a room and getting stuff done. that's the key thing, i think, for his second term. >> jamal alluded to a new strategy at the white house, which is going to be to go around congress and go directly to the american people. the white house believes the reason they got a deal in the 12th hour is because they went to the american people and the...
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we expect him to talk about the debt ceiling. we're going to bring his comments to you live. >>> it's been one month since the tragic shooting at sandy hook elementary school. politicians at the state and federal level are scrambling to find ways to end gun violence in america. and one of them maryland governor martin o'malley outlined plans for what he says would be the toughest gun laws in the country. >> this would be a comprehensive legislative package to prevent gun violence and it addresses not only the guns but mental health and school safety. briefly, it will ban military assault weapons that have no place on the streets of baltimore or no other neighborhood in our state and it will limit the size of magazines in order to make it harder for criminals to gun down in succession police officers or school children. >> that might work for a state like maryland, a very blue state, but maybe not so much at a federal level. david keane, the president of the national rifle association, says, yeah, it will be a whole different stor
we expect him to talk about the debt ceiling. we're going to bring his comments to you live. >>> it's been one month since the tragic shooting at sandy hook elementary school. politicians at the state and federal level are scrambling to find ways to end gun violence in america. and one of them maryland governor martin o'malley outlined plans for what he says would be the toughest gun laws in the country. >> this would be a comprehensive legislative package to prevent gun violence...
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is he winning this debt ceiling battle? i know you have written about this on slate. >> i think he is winning intel correct annually and emotional and probably politically with the public but it remains to be seen what congress is going to do. we haven't seen a lot of engagement with congress yet. the debt ceiling somewhere between february 15th and the end of february, early march. we don't know quite exactly where it will be. we don't know whether john boehner and the republican house will look him in the eye and say we are not doing anything. it's a mystery right now. >> in fact, politico reported this week over housealf of house republicans say they are willing to shut the government down if they don't get the spending cuts that they are demanding as a price for raising the debt ceiling. >> that is what they are saying. it's still far enough out so that it could all be posturing. even if i accept it -- and i do -- that half of the house members actually believe that as we get closer, as the pressure builds, corporate ex
is he winning this debt ceiling battle? i know you have written about this on slate. >> i think he is winning intel correct annually and emotional and probably politically with the public but it remains to be seen what congress is going to do. we haven't seen a lot of engagement with congress yet. the debt ceiling somewhere between february 15th and the end of february, early march. we don't know quite exactly where it will be. we don't know whether john boehner and the republican house...
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we don't have to raise debt ceiling if sequestration happens. as a result republicans had a bargaining chip. lori: talk about the investments. emerging markets you like china and asia. in our tease we said germany too. >> yes. lori: i don't know if germany is really emerging markets. we'll start with emerging markets and move on. >> 2012 to 2013, 2012 we were heavily allocated in the u.s. now we're looking back overseas again. i'm not suggesting a dark cloud over europe is gone right now but i do think there are great opportunities in northern europe and germany remains as the one gem in europe in terms of that economic prowess. lori: tell me about the emerging markets. these economies in many ways are outperforming the u.s. many say put emerging markets into retirement if you want to earn a decent yield at this point you have to mix it up with the emerging markets. not alternative investment it used to be. >> correct. the old bric trade from 2007 and pull out r and o, invest in brazil and china those are two countries to be in. europe and u.s.
we don't have to raise debt ceiling if sequestration happens. as a result republicans had a bargaining chip. lori: talk about the investments. emerging markets you like china and asia. in our tease we said germany too. >> yes. lori: i don't know if germany is really emerging markets. we'll start with emerging markets and move on. >> 2012 to 2013, 2012 we were heavily allocated in the u.s. now we're looking back overseas again. i'm not suggesting a dark cloud over europe is gone...
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jared, if president obama were the one holding the debt ceiling hostage, right as the housing, auto, and retail sectors seem to be rebounding, wouldn't the house republicans be calling the president's tactics those of a socialist who wanted to bring down the american economy? >> i think they would, and i appreciate your bringing the economy into it. the president did that yesterday. the more we talk about the debt ceiling after obsessing over the fiscal cliff, the more i look at the whole thing as a massive dangling the key or, you know, don't look over here at the real economy, which is where people would really like policymakers to be dealing, but look at this so-called fiscal crisis which doesn't even exist. the president very clearly, and i thought helpfully, spelled out the numbers yesterday and actually to get from where we are, given the spending cuts and tax increases that we've implemented so far, to where we need to be to stabilize the debt, is not that heavy a lift if we had a functional politics that was actually paying attention to what needs to be done instead of creati
jared, if president obama were the one holding the debt ceiling hostage, right as the housing, auto, and retail sectors seem to be rebounding, wouldn't the house republicans be calling the president's tactics those of a socialist who wanted to bring down the american economy? >> i think they would, and i appreciate your bringing the economy into it. the president did that yesterday. the more we talk about the debt ceiling after obsessing over the fiscal cliff, the more i look at the whole...
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could hit the debt ceiling and one out of money. a new report by the bipartisan policy center on this. but first, a news update from c- span radio. joe biden will meet today with house members to talk about how to reduce gun violence. senators plan to introduce a bill that would limit the size of ammunition magazines. at least one senator says congress is unlikely to pass it. a day long forum is taking place today in baltimore. the conference will take a look at the brady handgun law and improving background checks. michael bloomberg will be addressing the group. it begins at 9:00 p.m. eastern and you can watch it on c-span2. the house returns today and will consider aid to victims of super storm sandy. conservatives are mounting a not so fast campaign against and nearly $60 billion aid package for the sandy victims lawmakers hope to pushed through the house this week. the complaint is lots of the money will go toward recovery efforts for past disasters and other projects not related to the late november storm. $150 million for fish
could hit the debt ceiling and one out of money. a new report by the bipartisan policy center on this. but first, a news update from c- span radio. joe biden will meet today with house members to talk about how to reduce gun violence. senators plan to introduce a bill that would limit the size of ammunition magazines. at least one senator says congress is unlikely to pass it. a day long forum is taking place today in baltimore. the conference will take a look at the brady handgun law and...
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in 2011 when we had the debt ceiling debacle, they agreed to the budget control act which was another billion dollars, roughly, of cuts. again, mostly from if not entirely from discretionary programs. and then, of course, we had the fiscal cliff which was $650 billion of revenue increases. so so far, we've actually had $2.4 trillion over a ten-year period of deficit reduction. but about 30% of it has come from rev lienue increases and at the other 70% from come from spending cuts. entirely from discretionary programs. >> what's the budget control act? >> it's what came out of the last debt ceiling debacle when the republicans and the democrats agreed on this trillion dollars of roughly discretionary -- all discretionary spending reductions. but the point is, none of this really touches entitlements. none of it touches the mandatory. and its $2.4 trillion. >> where is the sequestration in these numbers? >> it's not in here yet because it hasn't happened yet. this is sort of where we are today. this next graph shows you how budget wonks measure our progress. if we had done nothing, we w
in 2011 when we had the debt ceiling debacle, they agreed to the budget control act which was another billion dollars, roughly, of cuts. again, mostly from if not entirely from discretionary programs. and then, of course, we had the fiscal cliff which was $650 billion of revenue increases. so so far, we've actually had $2.4 trillion over a ten-year period of deficit reduction. but about 30% of it has come from rev lienue increases and at the other 70% from come from spending cuts. entirely from...
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Jan 18, 2013
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as a very practical matter, if we go over the debt ceiling, we do not increase the debt ceiling, republicans will not win the debate. they will argue they are not increasing it because they do not want to control spending but they will not win the debate. what will happen is the white house will pay with cash flow of the interest on the debt. the debt will not be called. what they might not pay our social security checks. the moment the american citizen figures out they may not go out, the game is over. tenfold. because believe me, though congress can stand up to the senior lobby. so that is not a legitimate process to take the debt ceiling as the hostage. the appropriate goal, whether the debate should occur. the president gets to talk about the faults. he gets to talk about social security. we should be talking about spending. spending restraints. where is the logical place to do this? the logical place is on the sequestered. that is where the next pressure point should be. we should have the debate over how much spending should be restrained and how it should be restrained. the sequester
as a very practical matter, if we go over the debt ceiling, we do not increase the debt ceiling, republicans will not win the debate. they will argue they are not increasing it because they do not want to control spending but they will not win the debate. what will happen is the white house will pay with cash flow of the interest on the debt. the debt will not be called. what they might not pay our social security checks. the moment the american citizen figures out they may not go out, the game...
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>> look, there is a long tradition here of congress acting to raise the debt ceiling. this is a power that they've brought -- that they've given themselves to do. and the point is -- without drama and delay. a monthly extension is drama, okay? congress should simply do its job. it should not -- we're not going to negotiate over extending the debt ceiling. >> but is the president saying he's willing to revisit this within a year? would he like five years? i mean, what is he saying? >> i think the president made clear the other day that he would happily take on the responsibility himself if congress can't handle it. so the fact is, congress should simply extend the debt ceiling, and do so in a manner that causes no concern to the economy and to global markets, that does not in any way suggest that washington is about to engage in another process that results in a self-inflicted wound to the economy. so it's sort of a moot point because it should just be extended in a way that does not raise concern about whether or not the united states of america pays its bills. >> okay
>> look, there is a long tradition here of congress acting to raise the debt ceiling. this is a power that they've brought -- that they've given themselves to do. and the point is -- without drama and delay. a monthly extension is drama, okay? congress should simply do its job. it should not -- we're not going to negotiate over extending the debt ceiling. >> but is the president saying he's willing to revisit this within a year? would he like five years? i mean, what is he saying?...
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ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether the insurer transferred its rights to sue for losses that it incurred on its troubled bonds when it sold $2 billion in securities to the fed in 20308. aig is preserving its right to sue the federal government and other debts. >> fed chairman ben bernanke is going to speak and answer questions at the university of michigan. in d.c., president obama is said to be forging ahead on a wide ranging plan to overhaul the immigration plan this year. this includes a path to citizenship for illegal immigrants already in the country. immigrants would have to pay fines and back taxes. it would require businesses to veri
ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether the insurer...
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debt ceiling. this time around, the president is telling house republicans they can do it his way or own the blame. here he was. >> and republicans in congress have two choices here. they can act responsibly and pay america's bills, or they can act irresponsibly and put america through another economic crisis. but they will not collect a ransom in exchange for not crashing the american economy. >> also, need to tell you the president did speak about his gun violence effort. he's had the package put together by the vice president is on his desk today. and he will talk about it a little later on this week. want to bring in two people here, ali velshi with me from new york, and gloria borger there in our nation's capital, to you both welcome. ali, it has been more than a year since that whole previous debt limit debacle. and i know you are saying, especially comparing this to what we just saw on new year's day with the fiscal cliff, this is going to be much, much worse, much bigger deal. talk to me ab
debt ceiling. this time around, the president is telling house republicans they can do it his way or own the blame. here he was. >> and republicans in congress have two choices here. they can act responsibly and pay america's bills, or they can act irresponsibly and put america through another economic crisis. but they will not collect a ransom in exchange for not crashing the american economy. >> also, need to tell you the president did speak about his gun violence effort. he's had...
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he is know chummy with the republicans on the hill after the debt ceiling negotiation. for that reason and other, his looming confirmation hearing could be bumpy. but if confirmed, lew will likely be dealing with the top issue in this second term, how to get the economy moving and addressing the count re's long-term fiscal problems. >> this is a president that is forced to grapple to the tenor of our times with the budget woes, with the economy that can't get over the hump. it's going to consume most of his time, i believe, in the second term. >> what he cannot do, going into this term is go from economic crisis to economic crisis. that's not leadership. what he will have to do is figure out how we address this in a broader policy way. >> health care reform cannot wait, it must not wait and won't wait another year. >> he chose kansas governor kathleen sebelius to get health care legislation done, he largely passed control over to continuing to get -- to congress to get the bill together. it became a messy process, about a 2,000-plus-page bill. >> this notion that this h
he is know chummy with the republicans on the hill after the debt ceiling negotiation. for that reason and other, his looming confirmation hearing could be bumpy. but if confirmed, lew will likely be dealing with the top issue in this second term, how to get the economy moving and addressing the count re's long-term fiscal problems. >> this is a president that is forced to grapple to the tenor of our times with the budget woes, with the economy that can't get over the hump. it's going to...